Frozen Ice

[gothick]

...of course, one of the bonuses of the web is that it allows you to easily put a large chunk of your savings into an Icelandic savings bank. A Icelandic bank which, ironically, has now had its UK assets frozen by our government, after it collapsed.

I think it could be a while before I get a large chunk of my savings back, if I'm lucky enough to get them back at all. And I was just about to draw out a chunk of money to use for share dealing in this nice volatile stock market we've got...

Meh.

Comments

[andre-powell.livejournal.com]

You should be covered up to £35000 or £50000 depending upon when it all went wrong. The limit changed on Monday I think so you MIGHT be ok.
Anything above the limit you will have to see if you can reclaim from the Icelandic Government.
Apparently all Icelandic citizens are ok with a full refund.

[gothick-matt.livejournal.com]

The way it works is that I should have been covered by both the Icelandic guarantee and the British one, with the Icelandic one paying out first. I didn't have enough money in there to kick me over even the Icelandic limit, so it should all have been guaranteed by them.

As it is, it looks like the Icelandic compensation scheme, which was meant to be backed by enough actual money to cover things in the event of a disaster (unlike the Bristish one) is effectively empty, and Iceland as a country is only bailing out Icelandic savers. It looks like the UK government is planning on honouring every UK IceSave saver's money under its compensation scheme (thank you, Darling!), then suing Iceland for reneging on its compensation agreement.

Iceland as a country looks likely to have lost more money than its GDP in a fairly short space of time, which means most bets are off.

[gothick-matt.livejournal.com]

Thank you for your message, by the way; I didn't notice it until late this evening because I was in meetings all day. As you say, hopefully I should get my money back. Doubt it'll be in time for Christmas, mind...